How long does a Financial Institution have before they can repo your car?I am currently 41 days behind.

Question

My friend is currently 42days behind on a vehicle payment. She owes for June and July. She called the company to let them know that she would be sending in two payments on August 14, 2008. Her payments are due the 21st of each month. They told her she better try to borrow the money from a relative or a PayDay Advance Company.

She has a good payment history with this company. They said if not caught up in 5days they will put car in for Reposession.

What can she do?

Answer 1

yeah just do that

Answer 2

She has missed two payments, therefore they can repossess anytime.

Answer 3

They can repo a car at anytime.  Usually they try to wait for 3 months, but the nasty ones don't want to.  I can tell she is dealing with a nasty one.  If they drag it in she'll have to pay towing and storage fees.  Also she will have to pay June, July, and August payments.  The payment will be much larger.  When she called, she kind of already told them in a way that August may be late too.  There is no mention that it will be paid on time.  She should try to get as much of the money as possible before they decide to take action.  Good luck!

Answer 4

www.creditrepairuniverse.net

Learn everything about repairing and building credit

1-3 months depending on the company.

If you call and make a payment plan with collections department they will always accept but you need atleast 1/2 a payment or 1 payment to make arrangement.  

Answer 5

Always comunicate with your creditor, start calling to make a payment promise when you are 10 days past due, never be later than 30 days past due, this affects your credit scores and reports. When they call you, answer, advise them that you dont have any money at this time, but you will call them back in the next couple of days with a resolution to make a payment. Ask them if they can extend your payment, or postpone it to the end of the contract, if you have a good standing and long history with the bank/creditor, they will work with you.